Cyber insurance rates jump again
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- Published: Friday, 03 February 2023 11:15
Marsh has published the latest edition of its Global Insurance Market Index, which tracks the cost of insurance around the world. The report shows another large jump in the cost of cyber insurance in Q4 2022.
Globally, cyber insurance pricing increased 28 percent in Q4 2022, compared to a 53 percent increase in Q3. In the largest cyber insurance markets, the rate of increase was 28 percent in the US and 34 percent in the UK, compared to 48 percent and 66 percent, respectively, in the prior quarter.
Global commercial insurance prices increased 4 percent in the fourth quarter of 2022 (down from a 6 percent increase in Q3 and a 9 percent increase in Q2). This continues a trend of moderating increases that began in Q1 2021. While this is the 21st consecutive quarter of increases, pricing increases moderated in most regions.
Global property insurance pricing was up 7 percent on average in the fourth quarter of 2022, compared to a 6 percent increase in the previous quarter; casualty pricing was up 3 percent on average, compared to 4 percent in Q3.
For the second consecutive quarter, overall pricing in financial and professional lines fell. Driven by further rate reductions in the US, UK and Australia average pricing declined by 6 percent in Q4, compared to a 1 percent decrease in Q3.
